Commentary

I8.223 Valuation of foreign property

IHT, trusts and estates

I8.223 Valuation of foreign property

I8.223 Valuation of foreign property

The open market requirements apply to foreign property and a valuation for IHT purposes should be expressed in sterling1, based on a hypothetical sale (see I8.203) either in the UK for sterling, or abroad with conversion of the foreign currency to sterling, whether or not a sale actually takes place. Unless the property is a share quoted in the UK or there is an active market in this country, the best price will usually be obtainable in the country where the property is situated and HMRC will value it in the local currency and then

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